The cryptocurrency market has been growing at a booming rate ever since the boom, as many people are now interested in investing their money into cryptocurrency. That might be because there are lots of cryptocurrency opportunities out there that you can invest in and make a lot of money from. Since the coin market is very volatile, you can always make money if you buy low and sell high. Because of this, lots of people are now interested in investing their money into cryptocurrency. The crypto market is growing at a fast pace and the market cap of all the cryptocurrencies in the world is increasing rapidly that shows how much potential there is in the cryptocurrency market. The primary reason why many people are investing their money into cryptocurrency is because of the returns it gives.
1. A Borderless Currency :
Cryptocurrency is becoming a borderless currency which means that you can send funds to anybody in the world without any hassle. Traditional and fiat money can be fraudulently used to fund illegal activities and hence it is hard to track, but because cryptocurrency transactions are decentralized and peer to peer, thus keeping the system transparent and open for everyone. In addition to everything, because cryptocurrencies are digital based, thus eliminating all unnecessary expenses which are involved in transferring traditional money. You can send cryptocurrency anytime anywhere without having to pay any fees or charges for the fund transfers.
2. A Better Way of Doing Business :
Cryptocurrency allows you to have a better way of doing business because of its transparency. Because cryptocurrency transactions are peer to peer and not centralized, thus eliminating the need for a central authority which means that there is no third party involved in your transactions. The transaction is directly between the sender and the receiver. This means that you can easily track your funds and account balance with no hassle at all. The crypto tax in India is a new concept that has been introduced by the government which is aimed at blocking the black money out from going into the crypto market making it illegal to trade in cryptocurrency. The government is concerned about fake currency and tax evasion through cryptocurrency.
3. A Faster and More Efficient Transaction :
The speed of transaction in cryptocurrency is faster than traditional money transactions. Cryptocurrency transaction is instantaneous because it uses the blockchain technology which is a digital ledger that records every transaction and keeps a track of all the transactions made. The transactions made in cryptocurrency are permanent and cannot be altered once they are made. The blockchain technology eliminates the need for third party involvement which means that there is no middleman involved in your transactions thus giving you great accountability. It also ensures that the funds are transferred directly between the sender and the receiver. This means that you are in charge of your money and transactions hence giving you more benefits than ever before.
Binocs is a crypto tax and portfolio management Software which provides management services for your cryptocurrency portfolio. The software has been developed to help you monitor the prices and set customized alerts for your cryptocurrencies. With the help of this platform, you will be able to keep track of your overall performance and gain insights about the industry.